Tips for first-time buyers

Wednesday, 19, Sep 2007 09:20

First-time buyers in the UK paid an average of £167,314 for a property in August, up 3.4 per cent on the previous month, according to the department for Communities and Local Government (CLG).

However, the average salary across the country is £22,000, meaning first-time buyers are taking on increasing levels of debt to take their first step on the housing ladder.

In response the Home Building and Renovating Show states detailed research, careful planning and an open mind are essential to a successful purchase.

By following the advice offered below first-time buyers can secure their ideal property within any budget.

Location

An ideal property would be a run-down house in an up and coming area, which can be acquired for a lower price but has a long term potential to increase in value, making the next step on the ladder a possibility.

Prices

Research pricing trends in your chosen areas and be prepared to be flexible. A property in an area with rising prices should be the first goal, making profit an opportunity. Talking to local estate agents and surveyors can be a good way of going about this.

Auctions

You are unlikely to find a bargain at property auctions but they are an excellent way of finding out which areas are on the rise and the kind of prices buyers are willing to pay.

Regeneration and new homes

New developments and local regeneration projects usually highlight strong demand for housing in communities and can be good pointers when choosing where to invest.

What to avoid

Future developments, such as roads and industrial developments, as well as pollution can all lower the value of property. Home Check can be a good place to look for information on future plans.

Add value

There are many ways to improve property, including repairing the structure, cosmetic changes, enhancing amenities and adding space, all of which can add value.

Planning is key to buying a first property and these simple tips will help make the process as safe and rewarding as possible.